Hypothetically: could the draft be abolished?

What it says on the tin. With recent topics on Paige, unrivalled and the new CBA deal, I've seen some comments about potentially abolishing the draft. I am wondering if this is even possible. What the pros and cons are for the draft system and people's thoughts on it.

I'm new to basketball and grew up in a football(soceer) city, so the concept of a draft is pretty alien to me. But I don't dislike it: the premier league is an example of what happens when you don't have a draft.